BRICS is gaining influence not by launching a common currency or confronting the US dollar directly, but by building alternative financial and technological systems that offer developing countries greater choice, cooperation, and economic autonomy.
BRICS Is Moving Beyond the Currency Debate
Building the Financial Infrastructure for a Multipolar Trade System
The BRICS organization must be seen through the lens of its development, increasingly reflected in its expanding financial influence, growing economic capacity, and deepening role within the global financial system. According to UNCTAD, intra-bloc merchandise exports among BRICS economies increased from $84.2 billion to $1.17 trillion between 2003 and 2024, growing more than 7 percent compared to global trade. In June 2026, Russian President Vladimir Putin stated that intra-bloc trade between the BRICS countries exceeded $1 trillion. However, trade among BRICS member countries accounts for only 5 percent of total global trade, highlighting a significant gap between the bloc’s collective economic weight and the scale of its intra-group trade. Bridging this gap will require strengthening cross-border payment mechanisms, financial infrastructure, and trade settlement systems rather than relying solely on political declarations.
The BRICS nations are working to develop this mechanism. The New Development Bank (NDB) is already planning to issue its maiden Indian Rupee-dominated bond, worth $400-500 million, following previous issuance in rand and yuan. The bank has also set a target to allocate 30 percent of its lending in currencies of member states, signaling a gradual shift toward greater reliance on local-currency funding within the BRICS framework. Reserve Bank of India (RBI) Governor Sanjay Malhotra also recently stated that the BRICS member states are exploring ways to link their fast payment systems and central bank digital currencies, putting the issue in practical terms: cross-border payments are too expensive, and there are possibilities to make them cheaper.
The organization’s members have not yet adopted a unified proposal on a BRICS currency. Therefore, President Trump’s threats are so far baseless. A cheaper settlement in local currencies such as yuan, ruble, dirham, rupee, and riyal is something that every exporter would desire. Moreover, there are numerous other reasons for diversification of payment methods that are more important than undermining the US dollar. For instance, in February, the US Supreme Court struck down tariffs imposed by President Trump under emergency economic powers, leading to a rapid halt in tariff collection. Concerns over the stability of the US dollar and the impact of tariffs are prompting investors to rethink long-term investments and pushing states to explore alternative payment options.
From Tariffs to Technology: The Real Contest for the Developing World
The most significant sector is industrial development, and China’s progress in this sector remains unparalleled. In July, 29 countries, including Russia, Serbia, Belarus, Pakistan, Cuba, Laos, Brazil, and Venezuela, signed an agreement to establish the World Artificial Intelligence Cooperation Organization (WAICO) in Shanghai. During this conference, the Chinese President Xi Jinping pledged to establish 5000 AI training and seminar opportunities for developing nations over the next five years. The China-BRICS Artificial Intelligence Development and Cooperation Center has rapidly expanded its outreach, with its think tank network established in 10 countries and 25 partner institutions.
On the other hand, the Western nations’ approach to technological advancement in developing countries is focused on chip export controls and licensing restrictions. Chinese Minister of Industry and Information Technology Li Lecheng’s description of future industries as a concerto rather than a solo performance by any single nation highlights the country’s approach towards technological innovation in developing countries. Through this statement, he made a concrete offer: training, technology, and joint ventures for countries that have traditionally had limited access to the world’s most advanced technologies.
Inclusion, Not Alignment, Is BRICS’ Growing Appeal
Due to the group’s inclusive policies and constructive role, countries with diverse and conflicting ideologies are cooperating under the BRICS framework. Tensions between New Delhi and Beijing have also started to decrease. The two sides have repeatedly shown their interest in reducing bilateral tensions and resolving mutual issues diplomatically. In 2025, direct flights between the two countries resumed after 5 years. Although bilateral issues remain unresolved, trade and commercial relations have been restored, signaling a mature diplomatic relationship between the two sides, something Western nations lack.
Xi Jinping’s recent visit to Egypt also demonstrates the BRICS’ inclusivity. During his first state visit to Cairo in a decade, where Huawei is competing with Western Tech giants such as Microsoft, Nvidia, and AMD for an AI data center, and there are 10000 jobs, with a $3.8 billion investment, he did not ask or signal any compulsion on the country to abandon its Western allies. This inclusivity has brought numerous developing nations closer to China and BRICS. On the other hand, the Western coalition based on obedience and foreign-policy alignment is becoming increasingly fragmented. For the founding members of BRICS, the motive is not to convert the organization into a bloc. Their actual ambition is to persuade the developing world through openness, inclusivity, and mutual progress.
Аbbas Hashemite is a political observer and research analyst for regional and global geopolitical issues. He is currently working as an independent researcher and journalist
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